RTTNews | Oct 28, 2021 09:57AM EDT

09:56 Thursday, October 28, 2021 (RTTNews.com) - Shares of MaxLinear, Inc. (MXL), RF, analog, digital and mixed-signal integrated circuits provider, are surging more than 18% in the morning trade on Thursday after reporting better-than-expected third-quarter results.

The company reported net income of $9.26 million or $0.12 per share in the third quarter compared with net loss of $36.65 million or $0.50 per share in the same quarter a year ago.

Revenue for the quarter increased 47% year-over-year to $229.77 million.

Excluding items, earnings were $0.75 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.67 per share.

Looking forward to the fourth quarter, the company expects revenue to be in the range of $240 million to $250 million. The consensus estimate stands at $228.75 million.

MXL touched a new high of $62.03 this morning, before slipping to trade at $61.15 currently.

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